Backers of a new cinema mooted for Aberdeen’s troubled Bon Accord Centre are keeping tight lipped about its plans for the city, after it revealed movie goers had returned in droves to its theatres across the UK following the pandemic.
Everyman Cinema had been linked to plans to open a cinema in the shopping mall before administrators stepped in.
A spokesman for the firm said he was unable to give comment when asked about plans for Aberdeen.
The Press and Journal exclusively revealed last year that Everyman had decided to open its third Scottish venue at the shopping mall with 2024 given as the date.
But with the centre now being in administration it could be plans delayed, although a spokesman said the firm was “open to new opportunities in Scotland”.
It’s the latest blow for the shopping centre which has also seen a number of stores pull out, with some instead reopening at Union Square.
People visiting cinemas again
Everyman, which runs a chain of 38 upmarket cinemas across the UK, has seen its profits rocket as people return to cinemas.
It posted group earnings of approximately £14.5 million, up by nearly three quarters compared to the £8.3 million made the previous year, which was affected by Covid lock downs in the first few months of the year.
It also enjoyed a surge in revenues, to £80m from £49m in 2021.
Plans for Aberdeen
Everyman opened its latest Scottish cinema at St James Quarter in Edinburgh last year. It was the venue for the world premiere of The Rig – Amazon Prime’s new TV show set in the North Sea.
The cinema’s “unique Everyman experience” – whereby cinemagoers can order food and drink to their seats in a more theatre-style setting – is thought to have filled a gap after Edinburgh’s arthouse cinema, the Edinburgh Filmhouse, collapsed into administration.
The collapse also shut the doors of Aberdeen’s Belmont Filmhouse, as the parent company Centre for the Moving Image (CMI) failed in October 2022 due to reduced audiences during the pandemic, soaring energy charges, inflation and debt.
Everyman everywhere?
In a recent statement to the London Stock Exchange, the Everyman Media Group was bullish about its prospects and said it “remains committed to organic expansion with excellent opportunities available for new sites”.
It said it was on track to open five new venues this year in England.
But whether or not the company chooses the Granite City for its next venue remains to be seen.
A Everyman spokesman said: “As you state the centre is in administration, waiting to be sold.
“Otherwise, Edinburgh has opened in the St James’ Centre, Edinburgh and is trading in line with our expectations.
“We are otherwise open to new opportunities in Scotland.”
Future of Bon Accord Centre
It’s understood a property company led by Zakir Issa – brother of EG Group bosses Mohsin and Zuber, who own Asda in a joint venture with TDR Capital – is in advanced talks to purchase the mall for less than £10 million.
Mr Issa is believed to have already agreed a deal worth less than £10m, wiping out the equity and most of the senior debt held against the asset.
The centre, which was owned and operated by two Guernsey-based companies, Aberdeen Retail 1 and Aberdeen Retail 2, crashed into administration last August.
Joint administrators at accountants and business advisors Azets said the collapse was due to “unsustainable cash flow problems stemming from the ongoing impact of the Covid pandemic, rising operational costs and intense retail competition”.
Bon Accord Centre manager Craig Stevenson said: “At Bon Accord we are constantly looking for ways to improve our offering and deliver the best possible experience for our customers.
“Reimagining space is part of our long-term strategy to meet the future demand.”
Conversation